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MetalsTech confirms strong spodumene values at Cancet Lithium Project

The company’s share price has doubled over the past three months.

lithium on the elementary table
Phase III drilling starting in January 2018

MetalsTech Ltd (ASX:MTC) has revealed strong spodumene modal estimates from its recent 1,275 metre diamond drilling program at the Cancet Lithium Project in Quebec, Canada.

The mineralisation occurs at or near surface and extends the high-grade deposit down-dip and east along strike.

As part of Phase II, 19 diamond drill holes were completed with core samples sent for multi-element analysis including lithium and tantalum. The results are expected within three weeks.

The high-grade near surface mineralisation estimates include:

- 16.40 metre pegmatite intersection with a spodumene mineralisation of 30% at 2.10 metres; and
- 12.57 metre pegmatite intersection with a spodumene mineralisation of 20% at 5.4 metres.

MetalsTech recently entered an agreement with Chinese chemicals manufacturer Wuxi Baichuan Chemical Industrial Co Ltd, which has bought a 10% stake in the company.

This will provide the necessary funds to advance resource definition and scoping studies at Cancet as well as maiden drilling at Adina.

A Phase III drill campaign of circa 5,000 metres is now planned to commence in January 2018, which will test the down-dip extensions of the Cancet pegmatite targeting mineralisation at depth.

The company’s share price has doubled over the past three months and closed at $0.30 on Tuesday.

Quick facts: MetalsTech Ltd

Price: 0.16 AUD

ASX:MTC
Market: ASX
Market Cap: $23.45 m
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